Electronics Production |
Telit improves profitability
Telit has improved its profitability from a loss of £5.57 million to a loss of £662,000.
Fast-growing machine-to-machine communications specialist Telit has improved its profitability but is still in the red. The company has increased its turnover by 73 percent during 2007 to £39.2 million including a one-off £1 million payment from Italian concern Bardi. Telit, which ended the year with nearly £4 million cash, received the first instalment of a £12 million investment from BAMES, the former Italian arm of US printed circuit assembler Celestica, into Telit Wireless Solutions, part of a strategic agreement between the UK company and BAMES’s electronics manufacturing subsidiary SEM.
